Crypto Market Today: Bitcoin Leads Rally, Ethereum and Altcoins Poised to Follow

The crypto market shows recovery signs with Bitcoin leading the charge towards $70,000, while Ethereum and some altcoins like Avalanche and FLOKI might follow suit.
Crypto Market Today: Bitcoin Leads Rally, Ethereum and Altcoins Poised to Follow

Key Insights

  • The crypto market is showing signs of recovery with Bitcoin back above $67,000. However, most altcoins remain in the red.

  • Bitcoin might break out of its medium-term descending channel and reach the $69,000-$70,000 zone, followed by a possible rally to its all-time high.

  • Ethereum could surge towards $3,700 if it breaks above a similar descending wedge.

  • Avalanche is consolidating above its 25-day EMA and could reach $43.6 if the bullish momentum continues.

  • FLOKI is expected to climb further by 40% and potentially retest its all-time high if it successfully breaks above $0.0000267

The crypto market appears to be recovering after consolidating through the weekend.

Over the last 24 hours before writing, the crypto market cap has only shed around 0.08% in its total market cap, and Bitcoin is back above the $67,000 mark.

<div class="paragraphs"><p>The crypto market’s heatmap</p></div>

The crypto market’s heatmap

As shown, the crypto heatmap indicates that Bitcoin, Ethereum and other large-cap altcoins are turning green. However, the larger part of the altcoin market remains completely red.

When it comes to liquidations, the figures have also been relatively mild over the last day:

<div class="paragraphs"><p>The crypto liquidation heatmap</p></div>

The crypto liquidation heatmap

The bulls took the worst hit over the last 24 hours, losing around $88 million, compared to the bears who only lost around $33 million.

In sum, the crypto market is in a transitioning phase, and the bulls are struggling to retake control.

In the meantime, the market can easily flip over in either direction, so traders might want to consider approaching with caution.

A Super Week for Bitcoin

Bitcoin is sitting on the edge of a massive breakout, as shown by the charts.

We have the cryptocurrency attempting a break out of the short/medium-term descending channel shown below, and things are about to get very heated:

<div class="paragraphs"><p>Bitcoin’s price action</p></div>

Bitcoin’s price action

If we indeed see a breakout from this formation, the first target for the resulting rally would be the $69,000 - $70,000 zone.

Bitcoin might consolidate for a while around this psychological resistance, considering how it was the previous all-time high, and the bears are likely to be waiting around this price level.

Overall, a breakout will occur sooner or later, catapulting Bitcoin to the $73,000 all-time high and then to $75,000.

Incoming Breakout for Ethereum

Over the weekend, Ethereum broke above its 25-day EMA and has been consolidating above this price level for a while now.

<div class="paragraphs"><p>Ethereum’s price action</p></div>

Ethereum’s price action

As shown by the chart above, Ethereum is also attempting a break above the descending wedge as shown, which might be a major bullish catalyst for the cryptocurrency within the week.

Suppose we see a break above this formation. In that case, Ethereum is likely to rally to the $3,700 zone, and then reverse for a post-breakout retest, before continuing further upwards to its previous all-time high or even higher.

Incoming Recovery for Avalanche

Just like we saw with Ethereum, Avalanche broke above its 25-day EMA over the weekend and has been consolidating above it ever since.

This consolidation is a strongly bullish sign for the cryptocurrency, considering the daily RSI’s foray into bullish territory.

<div class="paragraphs"><p>Avalanche’s price action</p></div>

Avalanche’s price action

If this break above the 25-day EMA translates into bullish price action for Avalanche, the first price level to retest would be the underside of the upper ascending trendline shown above, around $43.6.

However, to confirm that the bulls are fully in control, Avalanche still has to make a local higher high by breaking above $39.87.

More Bullishness for FLOKI

According to the charts, FLOKI is in a very steep uptrend and has been since the start of May.

The cryptocurrency is poised to continue further up as shown by the chart below.

However, there might be a bit of stiff resistance somewhere around $0.0000267.

<div class="paragraphs"><p>FLOKI’s current price action</p></div>

FLOKI’s current price action

Between now and then, investors can expect the memecoin to travel further upwards by another 40%.

If we see a break above this $0.0000267 price level, FLOKI is almost guaranteed to retest its previous all time high around $0.00003138, or even make a new one.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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